Here's how Google Drive's slashed prices compare to rivals

Google on Thursday made waves in the world of cloud storage by slashing the prices for its Drive service.

The tech giant said it will now offer users 100 gigabytes of space for $1.99 per month, 1 terabyte for $9.99 per month and 10 TB for $99.99 per month. Previously, Google Drive charged $4.99 per month for 100 GB and $49.99 per month for the 1-TB plan.

"How big is a terabyte anyway? Well, that's enough storage for you to take a selfie twice a day for the next 200 years and still have room left over for... shall we say... less important things," Google said in a blog post announcing the change.

Besides the new prices, Google said it will continue to offer users 15 GB of free storage in Drive.

So how do Google's new prices compare to other top players in the cloud storage market? Here's how the prices for Microsoft OneDrive, Dropbox and Box break down:

OneDrive: Microsoft offers users 7 GB of free storage. For $25 per year (about $2.08 per month) users get an additional 50 GB, for $50 per year (about $4.17 per month) users get an additional 100 GB, and for $100 per year (about $8.33 per month) users can get an additional 200 GB of cloud storage.

DropBox: With Dropbox, all users get 2 GB of free storage. Users can upgrade to 100 GB by getting the Pro plan, which costs $9.99 per month. For $15 per month per user, users can get an unlimited amount of cloud storage with Dropbox's Business plan -- however, the plan requires that there be at least five users. That means a minimum of $75 per month must be paid for Dropbox's Business option.